Taking mortgage automation to the next level with Inspect

During the 2024 MBA Annual Conference and Expo, Ocrolus introduced Inspect, our latest AI-driven product for mortgage lenders. We are thrilled to unveil this offering ahead of an expected busy 2025 for lenders.

While declining interest rates are great for borrowers, on the lender side, mortgage origination costs have increased by 35% over the past three years. However, technology can make a significant difference. According to the same report, the “top cost-effective lenders originate mortgages at half the cost of the industry average and 2.4 times less than the bottom 25% of performers.

Inspect is our most recent addition to Ocrolus’ comprehensive mortgage solution to help lending teams address this by eliminating time and resources spent on repetitive, manual origination work. At the same time, we’re helping reduce stare-and-compare fatigue that can lead to costly human error in the underwriting process. Altogether, our AI-driven document automation now supports over 95% of mortgage document types to address one of lenders’ most common pain points: document review and validation.

What’s new in Inspect?

Inspect will enable lenders to save on origination costs and prepare to scale more efficiently by automating previously manual tasks. This includes flagging data inconsistencies between application and borrower-submitted documents, identifying new data and acknowledging when application data is unsupported.

These additions build on Ocrolus’ existing validation features for income and employment data, with new capabilities including verification of asset, residence and liability data.

Inspect will seamlessly integrate with the Encompass loan origination system by ICE Mortgage Technology, simplifying adoption and building efficiency and scalability into existing workflows. With Encompass integration, Inspect also allows lenders to say goodbye to manual tracking—It enables easy review and real-time monitoring of findings, all in one place.

Ocrolus in mortgage lending

Inspect adds to Ocrolus’ growing set of AI-powered document automation and analysis capabilities for mortgage lenders. These solutions enable lending teams to rapidly classify and index over 1,600 financial document types, capture key data fields, and pre-populate income calculations for faster, more informed decision-making.

Ocrolus now partners with over 100 mortgage lending customers, working with brands like Better, LoanStream Mortgage and CrossCountry Mortgage to bring AI-driven efficiency and accuracy to their underwriting workflows.

In addition to a growing set of features for mortgage lenders, Ocrolus has also developed a certification for AI-empowered underwriting to give team members the skills and knowledge they need to embrace AI in their work.

With Ocrolus’ free AI Empowered Underwriting certification, lenders can train and prepare their teams to integrate AI into their workflows. The course covers the basics of AI, applications for mortgage lending, tangible use cases for AI in underwriting and an overview of the AI landscape in the mortgage market.

How HomeTrust Bank boosted efficiency with Ocrolus

At HomeTrust Bank, a community-focused financial institution dedicated to providing value-added relationship banking through its talented, service-oriented team, teaming up with Ocrolus significantly reduced manual work throughout the lending process.

Prior to adopting an AI-driven underwriting approach, the HomeTrust Bank team spent over four hours per week manually relabeling documents and just as much on manual income verification. With Ocrolus, everyone from loan originators to underwriters is saving valuable time – reducing the number of keystrokes per application from several hundred to fewer than 100 per loan. Altogether, this adds to significant savings, with HomeTrust Bank estimating annual savings of 8,500 hours across loan processing teams and $90,000 through efficiencies in document processing.

Rhoda McCrimmon, SVP, Director of Consumer Fulfillment at HomeTrust Bank, summed up how AI-driven scalability is helping prepare for a bounceback in the housing market: “With some degree of uncertainty about exactly how much loan volumes will increase in the coming year, we want to be prepared for whatever the market throws our way. With Ocrolus, our team has the tools to quickly and effectively respond to market fluctuations. Since introducing automation in our underwriting workflow, our team has come to view AI as an essential tool that allows them to be more efficient and impactful in their work.”

In the cyclical housing market, lenders need the ability to scale efficiently to remain competitive. Traditional methods, such as hiring and firing in response to market changes, create inefficiencies and no longer cut it in today’s lending landscape.

Book a demo today to learn how Ocrolus’ AI-driven solutions can help you prepare for a busy spring and leave traditional methods of hiring and firing to meet demand in the past. 

Key takeaways:

• Inspect, Ocrolus’ latest solution for mortgage lenders, adds new features to eliminate manual data verification processes in underwriting. It also includes new income and employment capabilities, including verification of asset, residence, and liability data.
• Inspect will seamlessly integrate with ICE Mortgage Technology’s Encompass loan origination system, simplifying adoption and integrating efficiency and scalability into existing workflows.
• Ocrolus now partners with over 100 mortgage lending customers, helping brands like Deephaven Mortgage, Better, LoanStream Mortgage and CrossCountry Mortgage reduce origination costs so they’re ready to scale with the housing market.